Cryptocurrency traders lost nearly $ 1.9 billion due to the liquidations on February 15.
Bitcoin hit a new high, but fell soon after.
The cryptocurrency’s market capitalization fell by $ 1 billion after hitting an all-time high
After Bitcoin hit a new high, just below $ 50,000 on February 14, a sharp correction caused problems for many bullish crypto traders.
According to data from CoinGecko , Bitcoin Loophole hit a new high of $ 49,707 at the end of February 14. With the magic bar of $ 50,000 closer than ever, enthusiastic crypto traders have taken long positions.
The market had other plans, however. When Bitcoin fell back to a low below $ 46,000 in the early hours of February 15, the entire cryptocurrency market saw $ 1 billion disappear.
This slowdown resulted in the liquidation of many over-indebted long positions. Bybt data shows that in the past 24 hours, $ 1.89 billion in losses have been recorded.
Bybt data on cryptocurrency liquidations
As usual, Bitcoin and Ethereum made up the bulk of the liquidations, totaling over $ 9 million between the two.
It also appears that XRP traders have been caught off guard. XRP had steadily rebounded after losing 50% following the news of an SEC lawsuit against Ripple Labs. Traders have lost nearly $ 100 million betting on a continued recovery.
Other notable losses include EOS , Litecoin (LTC) and Cardano (ADA), all of which have recently seen peaks reaching historic highs. Each of these cryptocurrencies has suffered losses of more than $ 50 million.
This is the third highest figure for liquidations since the start of 2021. On January 10, long traders were forced to sell $ 2.5 billion after Bitcoin fell from $ 41,000 to $ 30,000. This is also the day that Ethereum went from a high of $ 1,350 to $ 900.
It looks like the bleeding has stopped for now. As of this writing, Bitcoin has recovered slightly and is trading again at the $ 47,400 level.